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Looking Fear in the Face

  “When in the Course of human events, it becomes necessary for one people to dissolve….” We normally write this letter toward the beginning of the month, but given the large volatility in the markets of late, we thought it potentially beneficial to move it forward a week or so.  As the opening line indicates, directly and indirectly, there will be two groups of people that will appear in the next days; Those who view the markets as totally…

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